Knife Lake Project

Historical NI 43-101 Knife Lake Resource Estimate

Trident Resources has 100% ownership of the Knife Lake Copper VMS Project, an advanced-stage copper, silver, zinc and cobalt exploration property that consists of 82 claims totaling 56,565 hectares in northeastern Saskatchewan. The Knife Lake Deposit is a near-surface stratabound VMS-style system that hosts an Historical NI 43-101-compliant mineral resource estimate that consists of pit-constrained Indicated and Inferred resources:

Historical Indicated Resource (effective date of June 12, 2019): 

Cutoff	Tonnage	Grades								Metal Content
CuEq (%)	(ktonnes)	CuEq (%)	Cu (%)	Ag (gpt)	Au (gpt)	Co (ppm)	Zn (ppm)	NSR ($CDN)	CuEq Mlbs	Cu - Mlbs	Ag - kOz	Au - Oz
0.2	4,205	0.96	0.78	3.5	0.091	78.5	1634.4	70.85	89	72	473	12,357
0.4	3,836	1.02	0.83	3.7	0.097	82.0	1740.7	75.36	86	70	456	11,951
0.6	3,136	1.14	0.93	4.1	0.104	88.3	1855.1	83.87	78	64	413	10,466

Historical Inferred Resource (effective date of June 12, 2019):

Cutoff	Tonnage	Grades								Metal Content
CuEq (%)	(ktonnes)	CuEq (%)	Cu (%)	Ag (gpt)	Au (gpt)	Co (ppm)	Zn (ppm)	NSR ($CDN)	CuEq Mlbs	Cu - Mlbs	Ag - kOz	Au - Oz
0.2	11,106	0.58	0.45	2.1	0.069	50.0	1261.8	42.50	141	110	750	24,601
0.4	7,902	0.67	0.53	2.4	0.084	53.1	1454.9	49.74	117	92	610	21,340
0.6	3,626	0.88	0.70	3.0	0.111	60.7	1734.1	65.28	71	56	350	12,963

CuEq = CU% + ZN%*0.398 + CO%*5.901+AUGPT*0.553+AGGPT*0.005

The mineral resources have been estimated in conformity with generally accepted CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines (CIM, 2014) and are reported in accordance with the Canadian Securities Administrators’ National Instrument 43-101 (CSA, 2018).

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The NI 43-101 resource estimate has an effective date of June 12, 2019.

For more information, please refer to the News Release dated August 14^th, 2019 or the NI 43-101 Technical Report on the Mineral Resource Estimate for the Knife Lake Property, Saskatchewan dated September 27^th, 2019, filed on Sedar.

The Knife Lake Project boasts a comprehensive database of over 400 drill holes derived from extensive historical and modern exploration programs completed between 1968-2022. The most recent work completed by Rockridge Resources (now Trident Resources) comprised drill programs in 2021 & 2022 (2900m) and an innovative VTEM geophysical survey in 2021. A new comprehensive 3D geophysical model based on the 2021 VTEM survey data has identified up to 15 km of conductive anomalies across the same prospective stratigraphy that hosts the Knife Lake Deposit. The prospective mineralized zone at Knife Lake spans approximately 4km along strike, averages 300m in width, is approximately 15m thick and dips between 30°–45° toward the East. The deposit is hosted in felsic to intermediate volcanic rocks that have been metamorphosed to amphibolite grade. Mineralization consists of semi-massive to massive pyrrhotite-pyrite-chalcopyrite and sphalerite that appears to be structurally controlled and partially remobilized by late granitic intrusions.

The Knife Lake Project is interpreted to be a VMS deposit with near surface Cu-Zn-Ag-Co mineralization that may be amenable to open pit mining. The economic viability of the Knife Lake Deposit will depend on successfully expanding mineralization along strike and at depth with a focus on the regional structures and volcanic stratigraphy that host several sulphide occurrences. There are many compelling regional targets at Knife Lake including Redhill Lake, Scimitar Lake, Pistol Lake and Gilbert Lake, where high-grade copper mineralization was discovered through initial drill testing in 2022.

In 2022, the company completed a 936m, six-hole diamond drill program focused on infill and expansion at the Knife Lake Deposit, alongside first-pass exploration at Gilbert Lake. Assay results confirmed high-grade copper mineralization consistent with VMS-style systems and extended mineralized zones.

Highlights include:

• Knife Lake Deposit: Intercepts up to 15.9m of 1.93% Cu and 2.35% CuEq (KF22030), including 9.0m of 2.65% CuEq.
• Gilbert Lake: Drilling confirmed prospective geology with trace chalcopyrite and semi-massive sulfides, indicating potential for a larger VMS system. Follow-up exploration is planned.

Recent Exploration Success

• 2022 Drill Highlights:

• KF22030: 15.9m @ 1.93% Cu, 0.26 g/t Au, 7.5 g/t Ag, 0.17% Zn (2.35% CuEq)
• KF22029: 15.75m @ 1.91% Cu, 0.23 g/t Au, 7.79 g/t Ag, 0.30% Zn (2.32% CuEq)

Below is a three-dimensional view of the Knife Lake block model illustrating the copper equivalent grade for the entire length of the deposit within Rockridge’s claims. The view is looking northwest with a grid size of 200m x 200m to indicate the scale.